Historical Performance Funds Flow Growth Proved + Probable Reserves Growth 400 2.40 160 0.84 Funds Flow Funds Flow per Share P+P Reserves P+P Reserves per Share 350 140 2.00 0.70 P + P Reserves (Reserves/Share) 300 120…
Corporate Profile (TSX: LEG) Common Shares 199.7 million Options & Restricted Shares 8.0 million Insider Ownership (Fully Diluted) 5.4% Enterprise Value 1.25 billion Average Liquidity (TSX) 3.8 million shares/day Net Debt (estimated at…
Bank Line and Term Debt Term Debt US200 million, 7.5% coupon Unsecured and covenant light basically pay the interest Matures in November 2017 Bank Line 800 million approximately 172 million of surplus capacity at year end 10 bank…
2014 Reserves, FD&A and NAV 2014 Reserves Proven + Probable (P+P) 154.1 MMBoe +31% YoY Total Proved 93.6 MMBoe Total Proved/P+P 61% NAV Calculation - December 31, 2014 PDP/Total Proved 56% (MM except share and per share amounts) P+P…
Record Results in 2014 Production 23,471BOED +23%year over year Funds Flow 334.6Million +21%year over year Funds Flow per Share 1.85per share +2%year over year Netback 48.72/BOE -2%year over year Wells Drilled 159 (137.0net) 99%success…
2015 Updated Guidance Disciplined budget with focus on balance sheet and value preservation spend within cash flow Majority of drilling capital allocated to Midale generates returns well above cost of capital at current strip pricing…
High Quality Light Oil Plays (results based on Sproule Dec. 31/14 price forecast) Oil DCET NPV Capital (1) Weighting Net Cost IP30 IRR 10% BT Payout Efficiency Play (%) API Locations (M) (BOED) (%) (M) (yrs) (/BOED) Midale 85…
Other Initiatives Asset sales are under consideration Elmworth sale is ongoing Given current low equity valuation, additional asset sales would be highly accretive to valuation Impactful to balance sheet improvement and therefore…
Light Oil Price Advantage 12
Focused + Light Oil Asset Base Two core areas - each area has focused development assets and new play MAXHAMISH development opportunities: Williston Basin Development Taylorton, Heward, Star Valley, Spearfish, Frys/Antler,…
Williston Basin Resource Plays + Conventional Production of 19,000 Boe per day High quality light oil, averaging 38o API SOUTHEAST SASKATCHEWAN 2,200 net drilling locations on 422,000 net acres Multiple play types: Dominant…
Steelman/Pinto Midale High impact conventional play with S.E. SASK. unconventional completion technique MANITOBA Legacy involved in play concept since its R7 R6 R5 R4 R3 R2 R1W2M R34 inception (2011) T6 Horizontal multi-stage…
Turner Valley Rundle 40o API light oil, liquids-rich solution and non-associated natural gas with SOUTHERN R4 R3W5M low historical oil decline rate of 4% R2W5M ALBERTA Operated high WI, extensive infrastructure, batteries and…
Pierson + North Dakota Spearfish Play Attributes S.E. SASK. MANITOBA 1,000 m depth 12 MMBbl DOIP per section R29 R28 R27 R26 R25 R24 Monobore completions with 30 stages NORTH DAKOTA Low well cost 1.5 to 1.6 million (1,400 m…
Conventional Mississippian Plays Main producing and target zones include Souris Valley, SOUTHEAST SASKATCHEWAN Tilston, Alida, Frobisher and Midale MANITOBA Drilling inventory of more than 356 net locations Average well cost 1.1…
Waterflood Benefits Add reserves cost-effectively Typically double primary recovery factor Finding & development costs low double digit Leverage existing lands and infrastructure Moderates declines Oil production plateaus and can…
Impact of Waterflood Potential to Legacy Gross OOIP WF Reserves NPV10% BT Area (MMBbl) Net Sections (MMBbl) ( million) Bakken 377.3 80.5 30.0 954.7 Torquay 219.5 33.3 15.4 394.9 Spearfish 599.6 51.7 52.7 613.1 Midale 177.6 36.1 15.6…
Independent Reserve Engineers Contact Information Sproule Associates Limited 4400, 525 8th Avenue SW Bank Syndicate Eighth Avenue Place Bank of Montreal Calgary, Alberta T2P 1G1 National Bank The Bank of Nova Scotia Tel:…
APPENDIX 22
Southern Alberta Bakken BANFF WELL BANFF DISCOVERY WELL IP90: 385 BOPD IP90: 530 BOPD SOUTHERN Alberta Basin Big Valley/Banff Play CURR: 270 BOPD CUM: 36 MBBL R24W4M E CURR: 65 BOPD CUM: 114 MBBL SOUTHERN ALBERTA ALBERTA…
Maxhamish, BC Chinkeh F F F FNORTHWEST F FV U TERRITORIES F F F F UG F G F F UV FKC Chinkeh Formation light oil resource play A D C FC G UVU F B F F G A F F F Significant resource of 42o API light sweet oil, C F F F F…
Heward + Taylorton Waterflood E H Heward E Taylorton R10 E J S E I I H A R9W2M R7 R6W2M H G H E E H H H J G E G H J D G J DH H E D 11 12HH H 7 8 I E 9 10 H H H A E E G H E G H HH T2 E G G D H J I…
Frys + Pierson + Steelman Waterflood H Frys R28 Pierson 29 H 28 R30W1M E 27 26 25 30 R27W1M H A G G E H T2 H A E H C H H Pilot Waterflood E J E J J Proposed Pilot H D A E J E J A E H H E E 20 H E 21 E 22 23…
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